Power of Attorney Form for Tennessee

TENNESSEE STATUTORY DURABLE POWER OF ATTORNEY & AGENCY AGREEMENT

DOCUMENT ID: TN-DPOA-2024-INST-001
EFFECTIVE DATE: [Effective Date]
VERSION: 1.1.0
GOVERNING JURISDICTION: State of Tennessee

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1. STATUTORY & LEGAL COMPLIANCE NOTICE

NOTICE TO PRINCIPAL: THIS IS AN IMPORTANT LEGAL DOCUMENT. THE POWERS GRANTED BY THIS DOCUMENT ARE BROAD AND SWEEPING. THEY ARE DEFINED IN THE TENNESSEE UNIFORM DURABLE POWER OF ATTORNEY ACT, TENNESSEE CODE ANNOTATED § 34-6-101 ET SEQ. THIS DOCUMENT DOES NOT AUTHORIZE ANYONE TO MAKE MEDICAL OR OTHER HEALTHCARE DECISIONS FOR YOU. YOU MAY REVOKE THIS POWER OF ATTORNEY IF YOU LATER WISH TO DO SO.

NOTICE TO AGENT: BY ACCEPTING OR ACTING UNDER THIS APPOINTMENT, YOU ASSUME THE FIDUCIARY AND OTHER LEGAL RESPONSIBILITIES OF AN AGENT. THESE DUTIES INCLUDE THE DUTY TO ACT IN THE PRINCIPAL’S BEST INTEREST AND TO KEEP THE PRINCIPAL’S PROPERTY SEPARATE FROM YOUR OWN.

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2. PARTIES & RECITALS

THIS DURABLE POWER OF ATTORNEY (this "Agreement") is executed on this [Day] day of [Month], [Year], by and between:

PRINCIPAL: [Principal Full Legal Name], residing at [Principal Full Address] (the "Principal").

ATTORNEY-IN-FACT (AGENT): [Agent Full Legal Name], residing at [Agent Full Address] (the "Agent").

RECITALS: WHEREAS, the Principal desires to appoint the Agent to act as the Principal’s attorney-in-fact to manage the Principal’s financial, legal, and business affairs; WHEREAS, the Principal intends for this power of attorney to be "Durable" as defined under T.C.A. § 34-6-102, meaning it shall not be affected by the subsequent disability, incapacity, or incompetence of the Principal; NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

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3. OPERATIVE CLAUSES & LEGAL TERMS

3.1 Scope of Authority & Engagement

The Principal hereby appoints the Agent to act for the Principal in any lawful way with respect to the following subjects: (A) Real Property Transactions: To buy, sell, lease, mortgage, or otherwise manage real estate owned by the Principal. (B) Tangible Personal Property Transactions: To buy, sell, or manage all goods, chattels, and other personal property. (C) Stock and Bond Transactions: To trade, vote, and manage all securities. (D) Banking and Financial Transactions: To open, close, and maintain bank accounts, withdraw funds, and execute negotiable instruments. (E) Business Operating Transactions: To conduct all aspects of any business enterprise in which the Principal has an interest. (F) Claims and Litigation: To institute, prosecute, defend, or settle legal proceedings on behalf of the Principal.

3.2 Compensation & Payment Terms

The Agent shall be entitled to reasonable compensation for services rendered under this Agreement. (A) Rate: The Agent shall be compensated at a rate of [Amount in USD] per [Hour/Month]. (B) Invoicing: The Agent shall maintain detailed contemporaneous logs of all actions taken and expenses incurred. Invoices shall be submitted [Monthly/Quarterly] to the Principal or the Principal’s designated representative. (C) Reimbursement: The Principal shall reimburse the Agent for all reasonable out-of-pocket expenses incurred in the performance of duties hereunder, provided such expenses are documented.

3.3 Term & Termination

(A) Durability: This Power of Attorney shall become effective immediately and shall not be affected by subsequent disability or incapacity of the Principal. (B) Termination for Convenience: The Principal may revoke this Power of Attorney at any time by providing written notice of revocation to the Agent. (C) Termination by Death: This Agreement terminates automatically upon the death of the Principal, except as provided by Tennessee law regarding acts taken by the Agent in good faith without actual knowledge of the Principal's death.

3.4 Intellectual Property Ownership

Any work product, including but not limited to business strategies, documents, or proprietary processes developed by the Agent specifically for the Principal’s business interests during the term of this Agreement, shall be deemed "Work Made for Hire" as defined under the U.S. Copyright Act. All right, title, and interest in such Intellectual Property shall vest exclusively in the Principal.

3.5 Mutual Confidentiality & Non-Disclosure

The Agent agrees to hold in strict confidence all non-public information concerning the Principal’s financial affairs, business operations, and private life ("Confidential Information"). The Agent shall not disclose Confidential Information to any third party except as strictly necessary to execute the powers granted herein or as required by law. This obligation survives the termination of this Agreement.

3.6 Representations & Warranties

(A) Principal’s Capacity: The Principal represents and warrants that they are of sound mind and possess the legal capacity to execute this document. (B) Agent’s Authority: The Agent represents and warrants that they are not prohibited by law from serving as a fiduciary and shall act in accordance with the highest standards of care.

3.7 Limitation of Liability & Indemnification

(A) Limitation: The Agent shall not be liable to the Principal for any error of judgment or for any loss arising out of the Agent’s actions, except in cases of willful misconduct, gross negligence, or fraud. (B) Indemnification: The Principal agrees to indemnify and hold the Agent harmless from any and all claims, liabilities, or expenses (including attorney’s fees) arising from the Agent’s performance of duties, provided the Agent acted in good faith and within the scope of authority granted.

3.8 Dispute Resolution & Arbitration

Any dispute, controversy, or claim arising out of or relating to this Agreement, including its formation or breach, shall be settled by binding arbitration administered by the American Arbitration Association (AAA) in accordance with its Commercial Arbitration Rules. The place of arbitration shall be [City], Tennessee. The prevailing party shall be entitled to recover reasonable attorney's fees and costs.

3.9 Governing Law & Jurisdiction

This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Tennessee, without regard to conflict of law principles. Exclusive jurisdiction for any legal action not subject to arbitration shall lie in the courts of [County Name] County, Tennessee.

3.10 Miscellaneous Provisions

(A) Severability: If any provision of this Agreement is held invalid or unenforceable, the remainder shall continue in full force. (B) Counterparts: This document may be executed in counterparts, each of which shall be deemed an original. (C) Entire Agreement: This document constitutes the entire agreement between the parties and supersedes all prior understandings or representations.

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4. EXECUTION & FORMAL SIGNATURE BLOCKS

IN WITNESS WHEREOF, the Principal has hereunto set their hand and the Agent has accepted the appointment as of the Effective Date first written above.

FOR THE PRINCIPAL: Signature: _____________________________________ Printed Name: [Principal Full Legal Name] Date: [Date]

FOR THE AGENT: Signature: _____________________________________ Printed Name: [Agent Full Legal Name] Title: Attorney-in-Fact Date: [Date]

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5. NOTARY ACKNOWLEDGMENT (REQUIRED FOR TENNESSEE)

STATE OF TENNESSEE COUNTY OF ____________________

Personally appeared before me, the undersigned, a Notary Public in and for said County and State, [Principal Full Legal Name], the within-named bargainor, with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who acknowledged that he/she executed the within instrument for the purposes therein contained.

Witness my hand and seal at office this _______ day of _________, 20.

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Notary Public My Commission Expires: _______________

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6. STEP-BY-STEP EXECUTION & FILING GUIDE

1. Field Completion: Open the document in Microsoft Word or Google Docs. Replace all bracketed text (e.g., [Principal Full Legal Name]) with the specific legal names and addresses. Ensure the "Amount in USD" for compensation is specified or changed to "Zero Dollars ($0.00)" if the Agent is serving without pay.
2. Verify Authority: Confirm that the Agent is at least 18 years of age and of sound mind.
3. Physical Execution: This document must be signed in the presence of a Notary Public. While Tennessee law allows for two witnesses as an alternative for certain POAs, a Notary Acknowledgment is the "Institutional Grade" standard for financial and real estate transactions to ensure the document is recordable at the Register of Deeds.
4. Digital Signature: If using DocuSign or Adobe Sign, ensure the platform provides a "Notary Solution" that complies with the Tennessee Online Notary Public Act (T.C.A. § 8-16-301).
5. Recording: If the Agent will be managing real estate, take the original notarized document to the Register of Deeds in the Tennessee county where the property is located.
6. Distribution: Provide original copies to the Agent, the Principal’s bank, and any investment firms.
7. Retention: The Principal should keep the original in a secure location (fireproof safe) and provide a digital copy to their legal counsel.